Is this the start of the Santa rally we’ve been waiting for?
Cryptos are enjoying a sea of green this morning, with Bitcoin and Ethereum at five-day highs and Terra (LUNA) soaring to an all-time high of US$91.
Around lunchtime (Sydney), BTC was trading for US$48,660, up 4.0 per cent from yesterday while Ether was changing hands for US$4,008, up 2.0 per cent.
#Bitcoin made a bullish move this morning and is trying to break the upper resistance level on the intraday chart. Market sentiment is at “extreme fear,” which is usually an indicator for buying opportunities.
Do you think we will see a “Santa rally”? pic.twitter.com/wppSzXkBLz
— Bitpanda Pro (@BitpandaPro) December 21, 2021
Me and the boys calling our boss at McDonald’s because Bitcoin has bounced 3% after dropping 35% in a month. pic.twitter.com/irBnlIKUiM
— Altcoin Gordon (@AltcoinGordon) December 21, 2021
Every top 50 crypto – except for Monero – gained ground over the past 24 hours, with Polygon soaring 14.8 per cent, Terra up 13.0 per cent and Avalanche up 10.8 per cent.
Iota had been the biggest gainer in the top 100, rising 17.2 per cent, while Yearn.Finance was the biggest loser, falling 4.6 per cent.
Overall the crypto market was up 3.3 per cent to US$2.26 trillion.
Bullish developments
Bitcoin chartist Bitcoin Charts wrote that BTC had printed a new high on the four-hour charts for the first time since November 10.
“This is a great sign for a change in market structure,” he wrote.
But he cautioned that it could still be a bumpy road ahead.
“Although the volume we’re seeing is decent, it’s nothing to get too excited about yet.”
It’s important to be bullish at the lows and bearish at the highs, rather than the reverse, he added.
